FinTech Innovation Ecosystems

Wajeeha H. Awadh

Chapter 6 in Transformation Dynamics in FinTech:An Open Innovation Ecosystem Outlook, 2021, pp 161-177 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The FinTech disruption has affected the global financial industry, which required many countries to cater to this disruption by building the right FinTech Innovation Ecosystems. For these types of ecosystems to succeed, they need to be based on open innovation concept, where multiple players in the ecosystem can work together to ensure FinTech innovation. The FinTech industry itself is formed based on various collaborations between different stakeholders to come up with innovative products. However, on a macro level, for countries to become a global FinTech hub, they need to ensure the existence of nine important components of FinTech Innovation Ecosystem. These components are FinTech Start-ups, Traditional Financial Institutions (FIs), Government, Financial Customers, Technology Providers, Human Capital, Supporting Platforms, Associations, and International Profile. These nine components, using an open innovation concept, can play a major role in establishing the right FinTech Innovation Ecosystems, which shall lead countries to become global FinTech hubs.

Keywords: FinTech; Open Innovation; Financial Services; Ecosystems; Innovation Management; Banking and Finance; Technology Management; Emerging Technologies (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2021
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